To quit something in a fit of rage.
Originates from online chat programs where an individual would become so upset that they would use profanity at length at one or more other people and quit immediately to avoid any replies.
22:33 <JerK> Don't cry, just because I rooted your mum.
22:34 <BooHoo> FUCK YOU JerK! GO AND DIE IN A FIRE!
22:34 * BooHoo Quit (Quit: GO FUCK YOURSELVES!)
22:35 <JerK> She wasn't even that good.
22:35 <JerK> Bah, rage quit... looser.
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